Question

I'm trying to work on this practice question But got confuse on this question:

find the value of P = Q ( 1 - 1.03^-20 / 0.03)
where Q is 1000 to the nearest whole number?


Thank you =)

Answer 1

well,

1 - 1.03^-20 / 0.03 = -17.455

Something tells me you want

(1 - 1.03^-20) / 0.03 = 14.87747

Now P is easy to figure.

Answer 2

so, 1000 (14.87747) = 14876.6 ?